European Commission and ECB propose Slovenia to adopt the euro in January 2007

16 May 2006

The European Commission and European Central Bank (ECB) released separate assessments of Slovenia's readiness to join the eurozone as of 1 January 2007. Both institutions gave Slovenia the thumbs up thereby paving the way for it to become the first among the countries that joined the EU in May 2004 to adopt the euro.

According to the Commission's convergence report for Slovenia, released in Strasbourg on Tuesday, the country is in compliance with all the membership criteria, which is why it should be allowed to join the eurozone on 1 January 2007. The report is the first in a series of steps leading to the confirmation of Slovenia's bid to join the eurozone.

EU leaders are now expected to vote on admitting Slovenia to the eurozone at their summit on 15 and 16 June. Moreover, EU finance ministers are expected to take a final vote on the legal basis for Slovenia's membership on 11 July.

"Slovenia meets all the convergence criteria - a result of stable policies and reforms," European Commissioner for Economic and Monetary Affairs Joaquin Almunia said today. "However, it is important to stress that Slovenia will not have completed all the work by introducing the euro. The euro has its benefits and responsibilities, foremost to retain stability of public finance," Almunia added.

Slovenian Prime Minister Janez Jansa has said that "Slovenia has received good news" as he responded to the European Commission's decision to recommend that Slovenia be admitted to the eurozone on 1 January 2007. In Jansa's opinion, the European Commission's report on Slovenia's readiness for the euro reflects the actual situation in Slovenia, which has healthy public finance and a strong economy.

"The introduction of the euro is one of the most important projects in Slovenia," Jansa reiterated, stressing that it "would contribute to improving Slovenia's global image".

Source: Slovene press agency

Press Release on Slovenia Prepared to Adopt the Euro

Convergence reports:

• European Commission convergence report (May 2006) [pdf, 45 Kb]
• European Central Bank convergence report (May 2006) [pdf, 1016 kB]